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An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012 (Paperback)
Loot Price: R395
Discovery Miles 3 950
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An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012 (Paperback)
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Loot Price R395
Discovery Miles 3 950
Expected to ship within 10 - 15 working days
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On December 31, 2012, a variety of temporary tax provisions which
were part of the "fiscal cliff" expired. Two days later, the
American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240)
retroactively extended, and in certain cases modified, many of
these provisions. The short time period between the expiration of
these provisions and the enactment on January 2 of ATRA
retroactively meant that from the perspective of all but
upper-income taxpayers, income taxes remained unchanged between
2012 and 2013 (i.e., the amount of income tax withheld from their
paycheck and the availability of certain tax deductions, credits,
and exclusions remained unchanged). This report provides an
overview of the tax provisions (Titles I-IV and Title X of P.L.
112-240) included in the "fiscal cliff deal," including: the
permanent extension and modification of the 2001 and 2003 tax cuts,
often referred to collectively as the "Bush-era tax cuts"; the
temporary extension of certain tax provisions originally included
as part of the American Recovery and Reinvestment Act (ARRA; P.L.
111-5), often referred to as the "2009 tax cuts"; the permanent
extension of the alternative minimum tax (AMT) patch; the temporary
extension of a variety of other temporary expiring provisions for
individuals, businesses, and energy often referred to as "tax
extenders"; and the expansion of in-plan conversions of traditional
employer-sponsored retirement accounts (like 401(k) plans) to
employer-sponsored Roth accounts (like Roth 401(k) plans). ATRA did
not extend the payroll tax cut. The payroll tax cut-temporarily
enacted for 2011 and 2012-reduced Social Security taxes from 6.2%
to 4.2% for employees and from 12.4% to 10.4% for the self-employed
on the first $110,100 of wages in 2012. In addition, P.L. 112-240
did not change another component of the fiscal cliff, namely new
taxes primarily related to Medicare and enacted as part of the
Affordable Care Act (ACA; P.L. 111-148, as amended), which went
into effect at the beginning of 2013. The Joint Committee on
Taxation (JCT) estimates that the tax provisions of ATRA (Titles
I-IV and Title X) would reduce revenues by $3.9 trillion over the
10-year budgetary window from 2013 to 2022 in comparison to the
official current law baseline. (The official current law baseline
was an estimate of future revenue if all temporary tax provisions
had expired as originally scheduled.) Of this $3.9 trillion, $1.5
trillion (39%) is a result of permanently extending certain income
tax provisions of the 2001 and 2003 tax cuts, $369.1 billion (9%)
is a result of permanently extending and modifying estate tax
provisions, $134.2 billion (3%) is a result of temporarily
extending 2009 tax cut provisions, $1.8 trillion (46%) is a result
of permanently extending the AMT patch, and $76.3 billion (2%) is a
result of temporarily extending certain temporary expiring
provisions and "tax extenders." In contrast, using a current policy
baseline which estimates future revenues if all temporary tax
provisions (excluding the payroll tax cut) had been extended, the
Administration has stated that these tax provisions would raise
revenues by $618 billion. ATRA includes other non-tax provisions,
including those related to budget sequestration, emergency
unemployment benefits, and Medicare.
General
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